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Growing Adoption of IoT Services in Several Industries to Propel Satellite IoT Market to US$ 6.14 Bn by 2031: TMR Study
ALBANY, N.Y. , Jan. 5, 2022 /PRNewswire/ -- The drive for satellite communications stems from the pressing need for global connectivity for Internet of Things (IoT) devices. A TMR study scrutinizing the various growth dynamics estimates the satellite IoT market to reach US$ 6.14 Bn by 2031. Rise in demand for IoT networks in remote asset management offers massive revenue potential in satellite connectivity.
Several companies in the space industry are investing in expanding the use cases of satellite communication, notably through the launch of SmallSat constellations. Key players include Myriota, Astrocast, and Kepler Communications. Subsequently, efforts to integrate these with 5G terrestrial networks present a vast avenue for players in the satellite IoT market.
The analysts of the TMR report have estimated the L-band (1-2GHz) segment held a major market share of 41.6% in 2020. Of note, technological advancements in L-band have spurred their commercialization in several end-use industries, notably for extending IoT network in dense environments. In particular, the growing use of IoT networks for real-time monitoring in the agriculture sector is estimate to generate substantial growth opportunities.
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The TMR study provides an in-depth evaluation of the competition dynamics, including strategies adopted by prominent players to gain share of the satellite IoT market. Some of the key players in the market are Intelsat Corporation, Airbus S.A.S, Astrocast, Inmarsat Global Limited, Iridium Communication, and ORBCOMM, Inc.
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